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UK Confiscation in the Wake of Tom Hayes

In January 2016, the Home Affairs Select Committee launched an Inquiry into the effectiveness of the UK’s proceeds of crime regime. It is anticipated that the Inquiry will hone in on the legal concept of ‘criminal benefit’ and how the UK enforcement authorities broadly define this concept when assessing the benefit obtained by defendants as […]

Recent News and Comments Show U.S. and U.K. Authorities’ Efforts to Get the Information Behind the Panama Papers Scandal

The Panama Papers have captured the public’s and the legal community’s attention, with blockbuster disclosures of the offshore dealings of various prominent persons. The investigation so far has been controlled by a team of journalists from various organizations, who have access to a purpose-built database of an estimated 11 million computer files, and have been […]

A Happy New Year for the SFO?

The Serious Fraud Office (“SFO”) will wave goodbye to 2015 with a few triumphs under its belt, but what will 2016 bring for David Green? 2015 was a year of “firsts” for the SFO: Tom Hayes was the first person to be tried for the manipulation of Libor. He was sentenced in August to 14 […]

First DPA in the UK

On Monday, 30 November 2015, the High Court Judge, Lord Justice Leveson handed down the first ever approval of a Deferred Prosecution Agreement (“DPA“) following a three-year investigation conducted by the Serious Fraud Office (“SFO“) after London ICBC Standard Bank admitted failure to prevent bribery under Section 7 of the Bribery Act. The case relates […]

First Spoofing Conviction

More than five years after Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), long-time industry players are still struggling to understand the full breadth of the law.  Prior to Dodd-Frank’s passage, “spoofing” was common practice on Wall Street and was considered “unprosecutable.”  Although there is considerable ambiguity as to the meaning […]

A View from the Top: a UK and US Perspective on White Collar Crime Enforcement

On 29 September 2015, Brown Rudnick, the Honourable Society of Lincoln’s Inn and 6 KBW College Hill organised a unique panel featuring David Green CB QC, Director of the Serious Fraud Office and Andrew Weissmann, Chief of the Fraud Section of the U.S. Department of Justice’s Criminal Division. The panel was moderated by Brown Rudnick partners […]

“Spoofing” Almost Crashed the Stock Market, But Is It Fraud?

May 6, 2010 was a bad day on Wall Street.  Concern over the European debt crisis — fueled by news of violent anti-austerity protests in Greece the day before  — pushed the S&P down 4% soon after opening. But things soon got even worse, turning May 6, 2010 into “one of the scariest days in […]

Who HMRC May Target With the New Strict Liability Offence of Not Declaring Offshore Income and the Potential for Injustice

On 19th August 2014 HMRC published new consultation documents outlining the Government’s proposals to prevent individuals hiding money offshore to evade tax. The central plank in HMRC’s strategy is introducing a new strict liability offence of having taxable income offshore without declaring it to the authorities.   These consultation documents add flesh to the bones of […]

SFO Name their Larger and More Complex Investigations – Brown Rudnick LLP advise in two thirds of them

It is often highlighted that the SFO are now taking on fewer cases. Rather than viewing this as a failure though, this should perhaps be seen as the realization of Lord Roskill’s intention, more than 25 years ago, that the Office should take on only the largest and more complex cases. The Director has specifically […]